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The New Zealand Government (in the writer’s opinion) will struggle to understand the current economic situation described above, let alone devise new policies to improve the economy’s performance and benefit the standard of living across nationwide households.
We are headed for a period of flat/negative GDP growth with higher inflation (i.e. stagflation), which is a big change from the very positive environment (prior to March 2020) of relatively high GDP growth and very low inflation. On average, households will be worse off.
Do not expect any innovative economic policy initiatives from Finance Minister Grant Robertson’s budget on 20 May to address the aforementioned economic challenges. Borrow, tax and hope appears to be their sole policy platform. Financial and investment markets, seeking reassurance and confidence from the Government that they are responding to the issues, stand to be disappointed.
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